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The New York Observer interviewed two former Lehman Brothers executives, who gave their view on the recently published 2,200 page which revealed that the firm moved around $50bn from its balance sheet in the first two quarters of 2008.

The Financial Times reports that Raphael Geys, a former London-based Managing Director over at Societe Generale who ran European fixed income sales, is suing the firm for $17.2m, claiming that he was fired in November 2007 as the bank deemed his employment contract overly generous.

It was perhaps one of the most emotionally charged meetings ever attended by Wall Street's finest. Just a few days after JPMorgan Chase had made its initial offer to acquire Bear Stearns for $2-a-share, some 400 Bear Senior Managing Directors congregated at the firm's New York HQ building to be briefed on the takeover.